(Reuters) -Europe's largest utility Iberdrola hired investment bank Barclays to sell 15 renewable power plants in Mexico to exit the country, Spanish news website El Confidencial reported on Wednesday
Iberdrola Engages Barclays to Divest $4.7 Billion in Mexican Assets
Iberdrola's Strategic Move in Mexico
(Reuters) -Europe's largest utility Iberdrola hired investment bank Barclays to sell 15 renewable power plants in Mexico to exit the country, Spanish news website El Confidencial reported on Wednesday, citing unnamed sources close to the operation.
Background on Iberdrola's Assets
Iberdrola's assets are worth about 4 billion euros ($4.70 billion), El Confidencial said, adding that the utility seeks to sell on concerns about the legal and tax stability in the country.
Concerns Over Legal and Tax Stability
Iberdrola already sold 55% of its assets in the country to the Mexican government for $6 billion in 2024, which the Mexican government called at the time a "new nationalisation" of the electricity market.
Previous Asset Sales to the Mexican Government
The deal was in large part designed to give Mexico's state-owned power company Comision Federal de Electricidad (CFE) majority control over the local power market.
Iberdrola declined to comment, while Barclays did not immediately respond to a request for comment.
($1 = 0.8518 euros)
(Reporting by Inti Landauro and Javi West Larrañaga, Editing by Louise Heavens)
